India, Feb. 3 -- Silver and gold prices staged a strong recovery in futures trade on Tuesday, driven by value buying after a sharp three-day sell-off in domestic markets.
On the Multi Commodity Exchange of India (MCX), silver contracts for March delivery jumped Rs 29,372, or 12.43 per cent, to Rs 2,65,633 per kg. During the session, the metal touched an intraday high of Rs 2,70,398 per kg, rising as much as Rs 34,137, or 14.4 per cent. Silver had previously settled at Rs 2,36,261 per kg on Monday.
The rebound followed a steep correction, with silver plunging nearly 41 per cent between Friday and Monday, shedding Rs 1,63,632 per kg after hitting a record high of Rs 4,20,048 per kg on January 29.
Analysts said bargain hunting at lower leve...